How difficult is it really...relocating, relocating back? (sales, real estate market)

[Travelin2012]

I am just wanting to hear some first hand stories...people who have really done it///sold a home in one state and moved to another. I am going to do one of several options,,,,just thought it would be nice and supportive to hear from others//even realtors who frequent this board.
1. We all know what kind of condition the country is in Real Estate wise.
2. Good time to buy, if you have a nice stash.
3. Most of us would have to sell property(s) to purchase somewhere else.
4. I have a rental prop. and a principal resident in So.Cal. We all know that CA, FL and Vegas have bit the big one RE wise. But MA Real Estate has depreciated considerably also....the whole country.
5. Financial wizard Suze Orman says "stay put".
6. But if and when the housing market recovers....which I think that it will, will it be straight accross the board???

Just asking,,,,,anyone have a story to share (the truth) about the relocation....and I will say to MA, because this is a MA board. I am considering renting back there, that way I can live there again before buying. I do believe no matter what anyone says....that it is hard to buy from one state to the next. I lived in MA 20 yrs, been gone 5....do not want to make a mistake, because I only plan to move once.

AND,,,,as we all know in real estate that timing is everything. But, I am 50 yrs old....and my life is slipping away. I am now becoming just interested in my happiness....whether I take a loss or not (ouch did I say that). I am lucky that I have 4 yrs to do this....my son and I will go to MA next summer and stay with friends.....and decide between 3-4 towns...as you cannot go all over the map.....So, any stories (whether HORROR or not) because anyone who says that this will be a piece of cake is simply not honest.
Thank you.

[scarletfire]

I know a few people who have bought here and are just renting their home in the state they came from. That way they can take advantage of the slow housing market here and hopefully sell their existing home in a few years when the market picks back up. However, that still leaves you some risk if the tenant bails on you or damages your house. Personally I would nervous to rent and then move out of state but I suppose people do it a lot and it's much better than letting the house sit vacant, which is a liability in itself. I've seen quite a few big homes that are for rent here because people couldn't sell and they need to cover their mortgage, etc but some of these don't get rented for awhile. I guess it depends on the area. I don't think everyplace will recover at the same time. For ex, one of my relatives lives in an area of NJ where there was large pharma presence but one of the big employers scaled back. Now she can't seem to sell or rent her existing home and would have been better staying put.

I don't know if that's helpful or not....We moved cross country twice but didn't own a home at the time so it was a lot easier to be mobile!

Best of luck!

[scarletfire]

This data might be helpful:
S&P | Indices > Alternative Indices - S&P/Case-Shiller® Home Price Indices - Home Price Values

S&P | Indices > Alternative Indices - S&P/Case-Shiller® Home Price Indices - Key Housing Indicators

[Travelin2012]

Originally Posted by scarletfire

This data might be helpful:
S&P | Indices > Alternative Indices - S&P/Case-Shiller® Home Price Indices - Home Price Values

S&P | Indices > Alternative Indices - S&P/Case-Shiller® Home Price Indices - Key Housing Indicators

Thank you kindly for the information, I will check it out.

[jimcat8350]

suze orman has to speak in general terms...i say do what is best for you and what makes you happiest.....we took the plunge in florida last year and don't regret it a bit !

[Beachcomber4]

I didn't move from state to state but we did move far enough away that price fluctuations and market conditions were very different.

While your area might have been hard hit, you may decide to buy in an area in MA that is equally hard hit and it could be a wash in the end. Coming from California you will not have the sticker shock that someone from central FL would.

This market is nuts to say the least. I think anyone who "predicts" fluctuations is as accurate as a New England Meteorologist. It is really hit or miss. The reality is in more affluent areas, one distressed home sale can have a huge adverse affect on comps and ultimately market value. I've seen it first hand and constantly see people both getting hurt by it and many capitalizing on it.

It sounds like you are in a good position in that you can maybe sell your primary residence but still rent the other If you can do that and come and rent and study the market, you could do well here. There are some areas where real estate is "reasonable" and if you are not concerned about schools, you will have an even longer list of towns and cities to choose from.

Good luck in your decisions. I agree with the poster who said you can't put a price on happiness.

[ljmg47]

I agree about the price on happiness and relocating. We lived in RI for almost 30 years and put our home on the market literally days before the real estate market started downward. Our only child had moved south and wanted us to move nearby. It took almost 11 months before we got any offers and then it was a loss. However because where we were going had lower prices overall, we were able to sell our home, pay off the existing mortgage, and buy a brand new home in full without a mortgage. The cost of living is somewhat cheaper here but being close to family is most important. We don't regret our choice. As to renting, we looked into that many years ago when we were unable to sell an earlier home - the insurance was prohibitive because regular homeowners insurance didn't cover renters at that time. I don't know if that has changed.

[clevedark]

Don't forget, just because you own a house doesn't necessarily you have to make money on it or even break even. If you were renting you'd be "losing" money.

There's no free lunch.

That said, best wishes on your move and I hope you find what you are looking for.

[gf2020]

Housing sales have rebounded nicely here in Eastern MA already. Within 4 years I suspect the rest of the country will have caught up and you will see price increases in desirable areas. However, even within the Eastern MA area it is highly variable from one town to another or even one neighborhood in a town to another.

Renting may be a desirable option for you if you plan on moving here at age 54. Who wants to be taking care of a house and yard as they are eying retirement? Heck, I'm 44 and I'm tired of taking care of my house!

[hartford_renter]

In terms of what is best for you financially. Sell the property in CA, invest the profits and RENT in MA.

Buying is not a smart financial decision risky and expensive.

I think this is an easy decision.